Friday, February 23, 2024
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HomeNewsCaribbean NewsSt Lucia parliament to borrow USD45M: Mardi Pwete continues

St Lucia parliament to borrow USD45M: Mardi Pwete continues

By Caribbean News Global contributor

CASTRIES, St Lucia – At the first sitting of parliament for this year, Tuesday, February 13, 2024, at 10 a.m., followed by the sitting of the Senate scheduled for Monday, February 19, 2024, at 10 a.m., the government of Saint Lucia will authorize the minister of finance to borrow an amount of USD2,343,908.00 (the loan) from the CARICOM Development Fund to finance the implementation of the Community Tourism Programme and 11,500,000 Special Drawing Rights (in this Resolution referred to as “the Credit”) (the loan) from the International Development Association to finance the Organisation of Eastern Caribbean States Skills and Innovation Project.

USD42,700,000.00 from the Bank’s Ordinary Capital Resources for the Recovery and Resilience-Building Policy-Based Loan:

  • The loan is repayable in twelve years commencing from the date of disbursement of the loan inclusive of a grace period of two years;
  • The loan is repayable in forty equal or approximately equal and consecutive quarterly instalments on the 30 day of March, the 30 day of June, the 30 day of September and the 30 day of December of each year over ten years after the expiration of two years following the date of disbursement of the loan;
  • Interest is payable at a rate of three per cent per annum.

World Bank supports investment in youth skills and innovation in OECS countries

USD11,500,000 Special Drawing Rights (in this Resolution referred to as “the Credit”) (the loan) from the International Development Association to finance the Organisation of Eastern Caribbean States Skills and Innovation Project.

  • The Maximum Commitment Charge Rate payable is one-half of one percent per annum on the unwithdrawn balance;
  • A service charge is payable at a rate of three-fourth of one per cent per annum on the Withdrawn Credit Balance;
  • Principal amount of the Credit is repayable on the 1st day of April and the 1st day of of October in each year;
  • The principal amount of the Credit is repayable over a period of 40-years with a grace period of ten years.

The Climate Change Bill is down for consideration, inclusive of recovery and resilience-building and the community tourism programme.

In the usual manner of the Parliament of Saint Lucia, a bill will go through all its stages in one sitting. The public is none the wiser, hereinafter the fact. Moreover, notice is served to the public one day before the sitting of parliament, and notable during independence celebrations.

However, knowing nothing but borrowing – Mardi Pwete – the legislative functions of the Parliament of Saint Lucia are rudimentary. Likewise, the contribution of various ministers, in most instances, is ludicrous. The public of Saint Lucia continues to be underserved.

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